Daily The Business

KSE 100 decreased 369 points or 0.95% to 38423


KSE 100 decreased 369 points or 0.95% to 38423 on Thursday, October 11 from 38792 in the previous trading session.

Overnight declines in US & European markets, which was caused by higher US treasury yield, and extension of similar selling pressure in Asian markets caused the local investors to take cautious bets on local bourse.

Cement Sector extended gains from yesterday on the back of increase in cement price / bag in South region by Rs. 20. Major contributor in Cement sector was DGKC, which turned red by session’s end. LUCK got bantered and traded at lower circuit, likely caused by an expectation of being excluded from MSCI EM index in revision next month.

UBL also got hammered for the same reason, realizing trading volumes of 6.5M shares and price decline of 1.9 percent.

Highlight of the day was MEBL, which attracted high volumes of 8.5M shares and positive price performance realizing an average price of Rs 91/share. E&P sector posted losses today, caused mainly by a down trend in international crude prices.

Sectors contributing to the performance include Cement (-87 points) Banks (-80 points), Fertilizer (-51 points), Engineering (-28 points), Textile (-24 points).

Volumes registered a decline from 199 million shares to 134 million shares today (-33 percent DoD). Average traded value also declined by 26 percent to reach $39.7 million as against $ 53.7 million.

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